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NUCRYST announces 2009 first quarter financial results
Date:5/6/2009

PRINCETON, NJ, May 6 /PRNewswire-FirstCall/ - NUCRYST Pharmaceuticals Corp., a developer and manufacturer of medical products that fight infection and inflammation, today announced its financial results for the first quarter of 2009.

For the quarter ended March 31, 2009, NUCRYST reported a net loss of $1.1 million, or $0.06 cents per share, on revenues of $4.1 million. This compares to a net loss of $2.2 million, or $0.12 cents per share, on revenues of $5.2 million in the first quarter of 2008.

At March 31, 2009, NUCRYST had $8.4 million in cash and cash equivalents, compared to $23.4 million at December 31, 2008. In the first quarter of 2009, NUCRYST completed a $14.7 million, or $0.80 per share, cash distribution to NUCRYST shareholders.

"With the return of capital to our shareholders in the first quarter of 2009, we are taking the necessary steps to reduce our cost structure to an appropriate level," said David B. Holtz, Interim President and Chief Executive Officer, and Chief Financial Officer of NUCRYST. "We remain focused on driving the Company towards a sustainable level of profitability while continuing to explore strategic alternatives for the business."

First quarter financial analysis

NUCRYST's total revenue which consists of wound care product revenues less the manufacturing cost rebate for the first quarter of 2009 decreased to $4.1 million compared to $5.2 million in the first quarter of 2008. The decline was due to lower product shipments in the first quarter of 2009 and lower royalty revenues as a result of lower US dollar sales of Acticoat(TM) reported by Smith & Nephew plc. Smith & Nephew's reported Acticoat(TM) sales were negatively impacted by the strengthening U.S. dollar.

Gross margin on product revenues was 46% in the first quarter of 2009, compared to 21% in the first quarter of 2008. The improvement is primarily the result of cost reductions achieved through ma
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SOURCE NUCRYST Pharmaceuticals Corp.
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